Tag: economy

Nov 11, 2011 (LBO) – Sri Lanka’s Board of Investment, the state investment promotion agency, has deleted a page which ‘guaranteed’ investors freedom from expropriation, raising questions of heightened political risk, lawmakers said. Sri Lanka passed a law to expropriate assets of 37 businesses, in several of which foreign investors were involved, after rushing it […]

NEW YORK, November 9, 2011 (AFP) – Worries that an Italian financial collapse could crack the eurozone sent markets tumbling Wednesday, with losses topping three percent in US trade. A selloff of Italian government bonds sent the yields to new highs above 7. 4 percent, a level seen unsustainable for the finances of the European […]

HONG KONG, November 10, 2011 (AFP) – Asian stock markets slumped on Thursday after Wall Street suffered a pummelling, with a surge in Italy’s borrowing costs fuelling global anxiety about the future of the euro. The common European currency dipped, Hong Kong stocks slumped more than four percent and in Tokyo, the Nikkei ended down […]

Nov 08, 2011 (LBO) – Sri Lanka’s Jathika Hela Urumaya, a Buddhist monks’ party which is a partner of the ruling coalition is unhappy with an expropriation bill, that is being rushed to parliament and may not support it, a media report said. The bill which violated property rights of people and has drawn fire […]

Nov 09, 2011 (LBO) – A controversial new way to register land in Sri Lanka’s former war zones outside established procedure has been stayed by the island’s Court of Appeal with the state also not objecting, lawyers said. Sri Lanka’s attorney general has said the registration process is being reconsidered they were not objecting to […]

Nov 09, 2011 (LBO) – Stagnation in the United States and European Union might slow demand for Sri Lanka’s exports and a shift away from such reliance to new markets would help to cushion growth prospects, a new rating report said. “However, gradual normalisation may take place on the back of better economic conditions, to […]

Nov 09, 2011 (LBO) – Sri Lanka’s central bank has bought property in New York as part of a move to establish overseas offices where the foreign reserves are invested, Governor Nivard Cabraal said. “We have bought office space, we will be having some our operations in other countries,” he said. “Initially we will give […]

Nov 08, 2011 (LBO) – Sri Lanka’s investment prospects would be hurt by sudden changes in policy and laws relating to property rights and investment returns analysts said, describing a condition identified by economists as ‘regime uncertainty’. “Consistent government policy: that is what investors are looking for,” Sujeewa Mudalige, President of the Institute of Chartered […]

Nov 08, 2011 (LBO) – Sri Lanka’s large business chambers have urged the state to defer a hastily drawn up law to expropriate three dozen business ventures which has drawn fire from many quarters. “Considering the likely negative impact of the proposed legislation and the wide spread negative publicity it has received, we urge the […]

Nov 07, 2011 (LBO) – A convention centre run by a Singapore-based firm in Sri Lanka’s capital Colombo has been listed for expropriation in a controversial bill which is targeting land in 37 companies. “The safety of foreign investment is guaranteed through the acceptance by two third majority of Parliament of the Constitutional Guarantee of […]

Nov 07, 2011 (LBO) – Sri Lanka’s military is looking for land in Colombo to build a five star hotel and will also float a construction firm to bid for state projects, a media report said. The newspaper said Sri Lanka’s military chief Jagath Jayasuriya had said there was a need for “a separate company […]

November 6, 2011 (AFP) – Sri Lanka’s president has vowed to turn his war-battered nation into the “miracle of Asia,” but a controversial new nationalisation law is seen as a major blow to hopes of wooing foreign capital. The government says the move will boost investor confidence in the south Asian country, hungry for foreign […]